The making of Australia’s latest unicorn is a boon for listed tech investor Bailador.
SiteMinder, the developer of hotel guest acquisition software, today broke through the billion-dollar valuation mark after an equity raise with investors including BlackRock.
As part of the raise, Baildor sold down $10m of its current holding, at a sale price which resulted in a 27 per cent increase to Bailador’s carrying value of the investment in December 2019.
After the sale, SiteMinder still remains the largest holding of the fund, representing 52pc of its pre-tax NTA.
“This is the second cash realisation for Bailador in FY20 which highlights we are into a new phase for the fund where realisations, new investments and cash distributions are our focus,” Bailador co-founder David Kirk said.
BTI shares last up 0.45 per cent to $1.11.
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